European Growth Sputters To Halt

European growth sputtered to a halt in the second quarter with increasing import and decreasing export trade, according to tradeintelligency.com, a top provider of trade intelligence.

European governments are put under further pressure to cut deeper into spending after figures showed growth in Europe’s first and second biggest economies, Germany and France ground to a halt in the spring, in another sign that the global economy is facing rising recessionary threats.

With the worse-than-expected German and French figures suggesting a possible budget shortfall this year. government ministers may have to find additional savings .

The flat growth reported in the second quarter of the year is attributable to a slump in consumer spending, imports and exports, and came as policymakers scramble to soothe investor concerns that other countries could be next major economies to loose their coveted triple-A credit rating.